Are you still looking for the right moves to grow your cryptocurrencies and put money away? Today we present to you, GoodGhosting a small protocol of the DeFi mixing both savings and gamification on the Polygon blockchain, and especially accessible to everyone!
If you know PoolTogether you are already a little familiar with this concept of saving while participating in a fun decentralized finance protocol. Today we propose a similar protocol. Gone is the lottery aspect of trying to win a prize, here all participants are winners. Yes… it is possible!
The principle is quite simple, and looks a bit like DCA (dollar cost averaging), in each round, you deposit a certain amount in DAI, which will compound interest and at the end of the last round you get back all your funds as well as the interest.
How does GoodGhosting work?
You are beginning to know our editorial line! All that is good to save in the most secure way his cryptomoins while discovering the different aspects of DeFi is our dada!
The principle is quite simple. To participate you must deposit a certain amount of DAI(stablecoin) each round (once a week or once a month) for a predefined period of time. The interest in the pool is compounded and at the end of the game all participants get back their bets and the interest in the pool.
Each participant deposits the same amount of liquidity into the pool, allowing for the most equitable approach possible. Of course, you can get your bet back at any time. With of course a small penalty that will be shared between all remaining members in the pool!
How to participate?
To participate you will need at least DAI with a compatible wallet on Polygon (usually Metamask) or cUSD if you use GoodGhosting on Celo and a compatible wallet typically Valora. Please note that you can only deposit CELO, cUSD or cEUR.
What are the chances of winning?
To participate you just need to connect your wallet (on Polygon) to the pool of your choice and then deposit the requested amount, usually 20 IAD, 50 IAD or 200 IAD. Be careful not to miss the deposit rounds as you will lose the interest for that round! And in the end you get all your deposits back, plus interest.
GoodGhosting comes to Celo
Recently announced, GoodGhosting lands on the Celo blockchain thanks to the DeFi for the People initiative, a project to allocate $100 million to decentralized finance projects to enable as many people as possible to use decentralized protocols from their smartphones.
The advantage is that you can use all your dApps without having to go through a computer. Everything is played on a smartphone! And so thanks to Pooltogether you can participate in the pools without losses and try to earn cUSD while enjoying interest at about ~30% in CELO.
What are the risks?
GoodGhosting is a DeFi or Decentralized Finance protocol. Putting money into a decentralized protocol is never without risk, and you will always be exposed to a number of risks, even the smallest ones!
GoodGhosting plays it transparent and had its protocol audited in July and August 2021 by Quantstamp and Dedaub. However, these audits do not take into account the risks of flaws and bug exploitation.
So what is really at risk?
As you can see, the risks can come in several ways:
- Smart-contracts and/or exploits problems with the GoodGhosting backup pool
- Smart-contracts and/or exploits problems with the Aave v2 lending protocol
- Slippage and price impact when using Market Makers like QuickSwap
- Smart contract issues and/or exploits with the QuickSwap exchange protocol
- Systemic problems and/or exploits with the stablecoins used (e.g. DAI of MakerDAO)
- Systemic problems and/or exploits with the blockchain used (e.g. Polygon PoS chain)
Summary and opinion
Finally a new fun and simple way to save money using decentralized finance. No more complex protocols with titanic but not necessarily secure APYs. If you have a few IADs lying around in a wallet, don’t hesitate to check out the project, you might get caught up in it!
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